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On the back of an envelope, Rachel writes, I promise to pay Chandler or bearer $500 on demand. [Signed] Rachel. What type of instrument is

On the back of an envelope, Rachel writes, "I promise to pay Chandler or bearer $500 on demand. [Signed] Rachel." What type of instrument is this? What are the elements necessary for an instrument to be negotiable?Is Rachel's writing negotiable? If yes,why?If not, why not?

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